Freedom Investment Management Inc. Has $559,000 Holdings in The Bank of New York Mellon Corporation $BK

Freedom Investment Management Inc. lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 11.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,136 shares of the bank’s stock after selling 763 shares during the quarter. Freedom Investment Management Inc.’s holdings in Bank of New York Mellon were worth $559,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan acquired a new stake in Bank of New York Mellon during the 1st quarter worth $1,035,000. Formidable Asset Management LLC bought a new position in Bank of New York Mellon during the 1st quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Genus Capital Management Inc. bought a new position in Bank of New York Mellon during the 1st quarter worth about $2,559,000. Finally, Goldman Sachs Group Inc. increased its holdings in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE:BK opened at $107.91 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The stock’s 50-day simple moving average is $106.07 and its 200 day simple moving average is $95.68. The company has a market cap of $76.10 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.99 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion for the quarter. As a group, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BK shares. BMO Capital Markets started coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. The Goldman Sachs Group increased their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Finally, Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.29.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.